Law firm leaders say clients are beginning to push back on price increases and are seeking to extract value through more competitive mandates amid a soft wider economy, in the first signs of a moderation in the legal industry’s boom year.
But firms are still performing strongly in an “unusual market”, they say, boosted by big-ticket deals and litigation assignments, as well as demand for work that spikes in economic downturns such as insolvencies.
Edmund Tadros leads our coverage of the professional services sector. He is based in our Sydney newsroom. Connect with Edmund on Twitter. Email Edmund at edmundtadros@afr.com.au